Regulators will question representatives of digital currency over threat to financial stability

26 officials from central banks of Europe and U.S. will meet representatives of Libra in Basel on Monday in the first major encounter between Libra’s team and policymakers.

Benoît Coeuré, of the European Central Bank who will chair the meeting, has warned “the bar for regulatory approval will be very high” for Libra to operate in the EU.

Countries including France and Germany have publicly criticized the social media giant’s Libra project, saying it posed risks to EU states’ sovereignty.

We will update the article as soon as we hear from the meeting.